Saylor’s MicroStrategy ups Bitcoin trove to $22b

Michael Saylor’s MicroStrategy has invested another $2 billion in Bitcoin as the world’s most popular cryptocurrency reaches new highs with each passing day.

Saylor tweeted that MicroStrategy spent $2.03 billion on additional Bitcoin (BTC) at $27,200, bringing its total holdings to 279,420 tokens since 2020 when the aggressive buying strategy began.

According to the company’s statements, MicroStrategy purchased the latest Bitcoin treasury at an average price of $74,463 per BTC. The software giant has spent nearly $12 billion on Bitcoin so far, with plans to raise additional capital to buy more. Saylor stated that the company will raise $42 billion from debt and share sales to support the ongoing Bitcoin accumulation.

MicroStrategy purchased 27,200 BTC at ~$74,463 for ~$2.03 billion. #bitcoin and achieved a BTC Return of 7.3% QTD and 26.4% YTD. As of 11.10.2024, we have 279,420 units in stock $BTC It was purchased for ~$11.9 billion at ~$42,692 per Bitcoin. $MSTR https://t.co/uCt8nNUVqd

— Michael Saylor⚡️ (@saylor) November 11, 2024

Bitcoin’s post-election bull run

MicroStrategy’s acquisition was announced on November 11, as Bitcoin hit an all-time high during its meteoric rise following Donald Trump’s victory last week.

Investors have poured over $500 billion into the cryptocurrency market since the US press declared Trump the winner. BTC has been the biggest beneficiary of this demand. The asset’s market cap has risen to $1.6 trillion and is growing, dwarfing all other digital tokens.

Post-election inflows into digital asset investment products reached almost $2 billion last week. Election results for pro-crypto candidates have pushed year-to-date inflows to a record $31.3 billion.

At the time of publication, Bitcoin was trading around a new high of $83,400 after hitting consecutive highs over the weekend. But experts warned against potential market euphoria.

Volatility could briefly stall gains and impact derivatives markets, Bitget Research principal analyst Ryan Lee said in an email shared with crypto.news.

Another factor to watch is the relative gains of BTC and altcoins. Although BTC exceeded the $80,000 level in the last 24 hours, there was no clear recovery in BTC exchange rates for ETH, SOL and other tokens. This indicates that BTC is withdrawing liquidity from the market and signals that market funds are tightening. This may lead to excessive fluctuations in derivative markets due to liquidity constraints.

Ryan Lee, Bitget Research

24-hour BTC price chart – November 11 | Source: crypto.news